Tesla shares rise after Elon Musk fires 10% of employees

More than 14,000 people at Tesla have been laid off as part of Elon Musk's cost-cutting measures aimed at improving productivity.

• Tesla has laid off more than 14,000 employees.
• Shares are rising in pre-market trading.
• The electric vehicle maker will report earnings on April 23.

Shares jumped about 1% in pre-market trading Monday morning after the alarming message landed in employees' inboxes. The world's largest electric vehicle maker said in a company-wide email that it had decided to lay off "more than 10%" of its global workforce, or about 14,000 employees.
Tesla CEO Elon Musk, who signed off the statement with "Thank you, Elon", said the headcount reduction "will allow us to be lean, innovative and hungry for the next cycle of the growth phase." He began by noting that rapid growth has led to "duplication of roles and job functions in certain areas."
Tesla currently employs approximately 140,000 people worldwide. While the exact number of layoffs is not yet clear, it is likely lower than the 20% previously expected. At the same time, Tesla hopes to achieve better results after terrible delivery figures in the first quarter. The electric vehicle company is set to report earnings next Tuesday, April 23.